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ATO & ASIC Scam Alert

We have noticed a significant increase in scam emails, SMS messages and telephone calls in recent months. A number of clients have contacted us concerned about these messages which purport to be from the Australian Taxation Office (ATO) or the Australian Securities Commission (ASIC).
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Clarity on Lower Corporate Tax Rate

One of the difficulties facing a "two tier" company tax rate system is the additional complexity that has now become apparent when deciding which tax rate a company should use and when. The current lower threshold of 27.5% applies to corporate entities with an annual turnover of less than $10 million for 2016-17 and $25 million for 2017-18.

The policy intent was that the lower rate of 27.5% was not meant to apply to passive investment companies. Under the current law, this was far from clear.
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It's almost 2018...already?

End of Year Planning

With the 2017 financial year coming to an end soon to be just another distant memory, albeit one that we hope was yet another successful year in your personal and business endeavours, it is important to take a few moments out of your busy schedule to organise your 2017 financial affairs and tax documentation. With 2017 sorted you can look to tackle 2018 head-on and make the most out of the new year.
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Why $10 Million is the New Black

A range of business tax incentives have finally cleared the parliament. Much of the focus has been on SME type businesses. Treasury estimate that increasing the small business threshold to $10 million will allow an additional 90,000 to 100,000 businesses to access the benefits of the small business concessions.

1.0 Company tax rate cuts – it's a start I suppose

After much debate, the proposal to cut the company tax rate looks to become a reality, but not for all companies.
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The Burden of Payroll - Finally a Solution

Are you burdened by weekly or fortnightly payroll; monthly, quarterly and yearly reporting requirement and more? Well worry no more!

The ATO has recognised this and developed a new single touch payroll (STP) system to streamline your reporting requirements allowing you more time to focus on and grow your business. 
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Superannuation Changes

Changes announced in the last federal budget have resulted in the most significant changes to superannuation in the last decade. Some of these announcements were scrapped in favour of different measures which are now law. The government believes that superannuation remains one of the pillars to retirement policy, however, they don't see super as a vehicle for tax minimization or estate planning.

This is only a brief overview of super changes. For a more in-depth look at the recent changes, we are holding a Super Seminar on March 8th. Please contact our office on (07) 3231 9100 for more information if you are interested in attending.
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Small Business Tax Offset

 

The last budget announced and implemented a reduction in company tax for companies that are classified as small business entities (SBE's) to 28.5%. However what about other types of business structures such as trusts, partnerships and sole traders? In order to try and ensure that all entity types are not left at a disadvantage, the budget has also implemented the small business tax offset.

What is an SBE?
Firstly it is important to know what an SBE is in order to know if you are eligible for the small business tax offset. An SBE is defined by the ATO as an entity that has an aggregated turnover of less than $2 million. The aggregated turnover is the gross turnover or proceeds of the business as opposed to the net profit. Be aware that this $2 million threshold does include the aggregated turnover or entities that the SBE is 'connected to' or 'affiliated' with. 
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Strategic Planning

In this update we are pleased to bring you the final instalment of our 3 part CFO series filmed at the WHK accountant seminar run at the end of 2016.  In this final clip we have Phil Lowe from VAE Group talking about the importance of a strategic planning session to give a business time to develop goals, set strategies to achieve these goals and finally develop benchmarks to track their progress.

This clip highlights to us one of the most important things to all small and medium businesses, Time.  We mention this because most small to medium sized business owners understand the importance of strategic planning, whereas the majority use time (followed closely by cost) as the biggest excuse for not doing it.  The ironic thing about this situation is that without effective strategic planning a business owner will almost never be able to ease their workload and therefore will never have more time (and possibly money) to grow.
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Have you got the Christmas FBT Hangover?

 

Let's not kid ourselves. Everyone loves a good Christmas party where the wine pours freely and the beers come cold and fast!

Christmas parties can be great way to end the year on a high and thank your employees for another profitable year with a  night out and a few gifts.  While it may be perfectly acceptable to spend the next day in bed with a hangover, there are a few things you should consider to avoid the dreaded tax 'hangover'.
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Working With Technology

 

Following on from our initial clip last week we are pleased to bring you the second clip in our CFO series filmed at the recent WHK accountant seminar.  In this clip we have Phil Lowe from VAE Group talking about the importance of looking at different accounting software options and trying to build the most suitable combination for your business.

Although only short, this clip makes you think about the current technology driven culture (be that accounting software, virtual reality, drones, ect) and how this rapid growth and sometimes over saturation is affecting businesses, both for the good and bad. We have noticed that the current business environment has now made it essential for businesses in most industries to be re-assessing their technology options/strategies yearly, and some even more regularly.
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Philip KeirNeil MacleanMichael HolmesRenae BeilbyRichard FoxHannah JarrettBen HaymanLucy AdamsCallum KennedyRhiana ShawCourtney SandersonPhilip KeirNeil MacleanMichael HolmesRenae BeilbyRichard FoxHannah JarrettBen HaymanLucy AdamsCallum KennedyRhiana ShawCourtney SandersonPhilip KeirNeil MacleanMichael HolmesRenae BeilbyRichard FoxHannah JarrettBen HaymanLucy AdamsCallum KennedyRhiana ShawCourtney SandersonPhilip KeirNeil MacleanMichael HolmesRenae BeilbyRichard FoxHannah JarrettBen HaymanLucy AdamsCallum KennedyRhiana ShawCourtney SandersonPhilip KeirNeil MacleanMichael HolmesRenae BeilbyRichard FoxHannah JarrettBen HaymanLucy AdamsCallum KennedyRhiana ShawCourtney Sanderson
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